HOPE LoanPort has announced that Chase Bank has awarded the non-profit a $100,000 grant to help facilitate mortgage loan modifications. Formed in 2009, HOPE LoanPort is a Web-based utility created to improve the execution of loan modifications. The portal is currently being used by homeowners, non-profit counselors, servicers and other organizations involved in the loan modification process.
The Chase grant will provide additional support to HOPE LoanPort, which allows U.S. Department of Housing & Urban Development (HUD)-approved housing counselors to collect all of the necessary documents from homeowners, upload the completed package directly to mortgage servicers and track the status of a homeowner's application.
Chase's mortgage servicing division has been instrumental in the development of HOPE LoanPort since the early stages. As a charter member, Chase provided a dedicated project manager during the pilot phase and continued guidance for the HOPE LoanPort steering and outreach committees. Currently, 12 major mortgage servicers use HOPE LoanPort and three more are likely to finalize their participation in the next few weeks. Active users of HOPE LoanPort include more than 1,700 housing counselors from 448 organizations in 47 states, the District of Columbia and Puerto Rico.
"We are pleased to continue supporting HOPE LoanPort in streamlining the loan modification process," said Kimberly Davis, managing director, global philanthropy. "This Web portal enhances communication between homeowners, housing counselors and mortgage servicers. Our grant will enable HOPE LoanPort to continue to be innovative in helping homeowners in these challenging times."
Larry Gilmore, president and chief executive officer of HOPE LoanPort, said: "We are thrilled by Chase's continuing support as we move into the next phase of our evolution. As a non-profit, we know how important these grants are to our future success. We are working diligently, with our partners, each day to provide a top-notch, Web-based, public utility for all parties with a stake in the future of the American housing market."
HOPE LoanPort, powered by RxOffice and developed by the HOPE NOW Alliance, is a new Web-based tool that streamlines loan modification applications on behalf of homeowners at-risk of foreclosure, allowing housing counselors to efficiently transmit completed applications to mortgage servicers. HOPE LoanPort is designed to improve the quality of both the application itself and the ability of servicers to make decisions on that application.
For more information, please visit www.hopeloanportal.org.